Mérida, 9th April 2012 (Venezuelanalysis.com) – Venezuela’s national minimum wage is to increase 32.25% in 2012, announced Venezuelan President Hugo Chavez on Saturday. Including legally guaranteed monthly food tickets, currently valued at 977 bolivars (US $223), the wage rise will represent a gross minimum income of almost US $700 for formally employed workers in Venezuela. Chavez stated that the wage increase will cost the Venezuela state 20,055,678 bolivars (US $4,664,000), which will be paid for with oil income and taxes.